(MENAFNEditorial)
- His Excellency Mohammed Saif Al Suwaidi: 'The grant is in line with the directives of the UAE leadership to supporting developing countries
Abu Dhabi-UAE: 23 September, 2017: Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has allocated an Abu Dhabi government grant worth AED40 million to the Comorian government.
The grant will help enhance the efficiency of public utility systems, such as electricity supply, in the Comoros through installing new transformers and generators with a total capacity of 11 megawatts as well as rehabilitating existing distribution networks.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Said Ali Said Chayhane, Comorian Minister of Finance and Budget, signed a Memorandum of Understanding (MoU) outlining the terms of the funding at ADFD's headquarters in Abu Dhabi. Representatives of ADFD's senior management and several high-ranking Comorian officials were also present at the signing.
Highlighting the grant's positive impact on the overall economic situation in the Comoros, His Excellency Mohammed Saif Al Suwaidi said: 'The UAE and the Comoros continue to enjoy close bilateral ties. The latest development grant is in line with the directives of the UAE leadership to supporting sustainable socio-economic growth in developing countries.
He added: 'ADFD's top priority is to provide development funding that assists beneficiary nations in achieving their national growth agenda. Through improving the electricity networks in the Comoros, the Abu Dhabi government grant will help elevate the living standards of the island nation.
For his part, His Excellency Said Ali Said Chayhane praised the UAE leadership's global sustainable development efforts. In addition, he applauded the Fund's unique approach towards driving growth in key sectors that ultimately equips developing nations with the means to achieve long-term prosperity.
It's worth mentioning that the activities of ADFD in Comoros date back to 1979 where the Fund provided loans and grants worth AED69 million to finance five
projects supporting key sectors notably education, transport, health and electricity.
Since its inception in 1971, ADFD has financed development projects to the tune of about AED77 billion in more than 80 countries around the world through concessionary loans and Abu Dhabi government grants.
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